Feb.16 — China said the death toll from the coronavirus rose to 1,770, while the province at the epicenter of the outbreak reported 1,933 new cases. Meanwhile, Hong Kong is facing “tsunami-like” shocks, and may incur a record budget deficit in the next fiscal year as the city counts the costs of the coronavirus outbreak after months of social unrest, Financial Secretary Paul Chan said. Tom Mackenzie and Yvonne Man report on “Bloomberg Markets: China Open.”
In This Story: China
China is the third largest country in the world by area and the largest country in the world by population. Properly known as the People’s Republic of China, the political territory of the country includes the former nations of Tibet and Hong Kong.
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In This Story: Hong Kong
Hong Kong, officially the Hong Kong Special Administrative Region of the People’s Republic of China (HKSAR), is a metropolitan area and special administrative region of the People’s Republic of China on the eastern Pearl River Delta of the South China Sea. With over 7.5 million residents of various nationalities in a 1,104-square-kilometre (426 sq mi) territory, Hong Kong is one of the most densely populated places in the world.
Hong Kong became a colony of the British Empire after the Qing Empire ceded Hong Kong Island at the end of the First Opium War in 1842. The colony expanded to the Kowloon Peninsula in 1860 after the Second Opium War and was further extended when Britain obtained a 99-year lease of the New Territories in 1898. The whole territory was transferred to China in 1997. As a special administrative region, Hong Kong maintains separate governing and economic systems from that of mainland China under the principle of “one country, two systems”.